The cheapest EVs to own and operate in 2024

There’s a lot of uncertainty surrounding EVs in many peoples’ minds, ranging from where and how they’ll charge to how reliable the vehicles will be in the long term. While it’s true that they don’t have the same routine maintenance needs as gas vehicles, EVs do cost money to run, whether it’s charging, insurance, or tires. Driver’s ed company Zutobi recently ranked EVs on their running cost, and the list-topping models to own and operate may surprise you.

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The Nissan Leaf was ranked cheapest to run, with a total cost of $3,626 per year. The Ford Mustang Mach-E tied the Nissan at $3,626, and the Hyundai Kona Electric came third at $3,641. The top 10 list:

1. Nissan Leaf: $3,626
2. Ford Mustang Mach-E: $3,626
3. Hyundai Kona EV: $3,641
4. Chevrolet Bolt EUV: $3,654
5. Hyundai Ioniq 5: $3,694
6. Audi Q4 E-Tron: $3,830
7. Tesla Model Y: $4,247
8. Tesla Model 3: $4,432
9. Porsche Taycan 4: $4,582
10. Tesla Model S: $5,318

It’s important to note that Zutobi did not include factors like reliability and cost to register in its assessment, but insurance and charging costs can be significant. Zutobi said it used the vehicles’ utility kWh rate multiplied by the average miles driven per year to calculate its rankings. Interestingly, the Model S made the list of vehicles with the cheapest replacement parts, while the Model Y and Model 3 made the list of the most expensive.

Zutobi also ranked the most expensive gas vehicles to own, calling the Ford Raptor out as being the worst. The GMC Sierra and Toyota 4Runner followed close behind. Registration can be a significant expense, depending on the state, with North Dakota being the worst at up to $274 to register a car, depending on the weight. Arizona, Hawaii, and Mississippi had the lowest registration rates, as cheap as $12 in some places.